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VICORP RESTAURANTS INC <VRES> 1ST QTR FEB 15 NET

Shr profit 1.17 dlrs vs loss 12 cts Net profit 11.3 mln vs loss 1,038,000 Revs 104.6 mln vs 128.7 mln NOTE: Current year net includes gain 9,500,000 dlrs from the sale of its specialty restaurants unit, charge 1,200,000 dlrs from addition to insurance reserves, 4,600,000 dlr tax credit and 660,000 dlr charge from debt repayment. Reuter 

COMMERZBANK TO ACQUIRE AND FLOAT LINOTYPE

Commerzbank AG <CBKG.F> said it will acquire <Linotype GmbH>, Europe's largest manufacturer of type-setting and printing communications technology from Allied Signal Inc <ALD.N> and float off the shares in the company. Commerzbank declined to say how much it had paid for Linotype. Linotype's group turnover in 1986 rose 15 pct to more than 500 mln marks, the bank said. The group's net return on capital was seven pct. Reuter 

VICORP <VRES> ENDS SALE/LEASEBACK DEAL

VICORP Restaurants Inc said by mutual agreement with United Trust Fund it has terminated the sale and leaseback of 29 Bakers Square restaurant properties. The company completed a sale/leaseback of 31 Baker Street's with United Trust in December, raising 26.5 mln dlrs. VICORP said it does not feel it necessary to proceed with the remainder of the sale/leasebacks due to improvement in its financial condition. Reuter 

EC EXPORT LICENCES FOR 59,000 TONNES WHITE SUGAR AT REBATE 45.678 ECUS - FRENCH TRADERS

U.K. INTERVENTION BOARD DETAILS EC SUGAR SALES

A total 59,000 tonnes of current series white sugar received export rebates of a maximum 45.678 European Currency Units (Ecus) per 100 kilos at today's European Community (EC) tender, the U.K. Intervention Board said. Out of this, traders in West Germany received 34,750 tonnes, in the U.K. 13,000, in Denmark 7,250 and in France 4,000 tonnes, it added. Earlier today, London traders had expected the subsidy for the current season whites campaign for licences to end-Aug to be more than 45.00 Ecus per 100 kilos but Paris traders were more precise by forecasting a rebate level of 45.75 to 46.0 Ecus. London traders were also reluctant earlier to predict the likely tonnage to be authorised for export in view of the on-going dispute between the Commission and European producers over the threatened action by the producers to move over 800,000 tonnes to intervention. Last week saw 60,500 tonnes whites athuorised for export at a maximum rebate of 44.819 Ecus per 100 kilos. REUTER 

PIONEER-STANDARD ELECTRONICS INC <PIOS> PAYOUT

Qtly div three cts vs three cts prior Pay May One Record April Eight Reuter 

AMSTERDAM EXCHANGE ANNOUNCES MODERNISATION DRIVE

The Amsterdam Stock Exchange, engaged in a reform program to boost competitiveness, said it is launching a modernisation drive of its operational systems. The move, announced one day after news of a first step toward integration of financial market supervision in the Netherlands, will involve new transaction and clearing and settlement systems. In addition, the bourse's Amsterdam Interprofessional Market (AIM) information system will be updated in short term with software provided by the Chicago Midwest Stock Exchange. The Amsterdam bourse is also studying the possible acquisition of Midwest Exchange software for a new order-routing system, a statement said, noting the market here remains firmly committed to the preservation of a trading floor. "The Bourse management feels that, despite the discussions triggered by the intended closure of the trading floor in London, preparations for an overhaul of the trading floor in Amsterdam have to continue," the statement said. The operational modernisation of the Amsterdam Stock Exchange follows several liberalisation measures aimed at stemming the flow of business to markets abroad. The liberalisation, particularly the introduction of off-floor trading in stocks and bonds on a net-basis under the AIM system, has been described by bourse officials as Amsterdam's "little bang," a reference to sweeping reforms last October on the London Stock Exchange known as Big Bang. AIM, started in a trial run early last year and officially in force from January 1 this year, is already credited with halting the growth in Dutch stocks traded abroad, mainly London. Amsterdam, which feels an on-floor facility with fees is vital for smaller investors, said it needs to overhaul the floor to accommodate new technology and new members. A new floor layout and order-routing system should be ready sometime next year, the statement said. It said it was also planning a new on-screen Central Securities information System with prices from international exchanges, including the U.S. And Japan, stock information and company news. Yesterday, the bourse announced it would start coordinating this summer market supervision with the options and futures trade in the Netherlands as a first step toward a unified financial markets watchdog. In addition, the bourse, options and gold futures price lists will be merged this April. Transactions in Amsterdam are still processed with a now outdated punch card system while price information stemming from the larger off-floor deals done through AIM are not yet integrated in the bourse's big board. A bourse spokesman said the exchange hoped to launch its screen information service by 1989, but added this service did not have first priority. At present, bourse price information and company information announced by the bourse are published by a printer service while a select number of prices is available via teletext. REUTER 

HOUSE WAYS AND MEANS CMTE FINISHES WORK ON BILL TO TOUGHEN TRADE LAWS

CHEROKEE GROUP <CHKE> FILES TO OFFER SHARES

Cherokee Group said it has filed for an offering of 2,500,000 common shares, including 700,000 to be sold by shareholders, through underwriters First Boston Inc <FBC> and American Express Co <AXP> unit Shearson Lehman Brothers Inc. It said it will use its proceeds to repay bank debt, for capital spending and for general corporate purposes including possible acquisitions. Reuter 

SOUTH AFRICA PROBLEMS REMAIN DESPITE DEBT PACT

South Africa's new foreign debt agreement sparked a rally in local financial markets, but bankers and economists said the pact only removes one source of anxiety from a still depressed economy. "We have not gone from "no confidence" to "full confidence" yet," commented one banker, who saw the agreement as having marginal influence on fundamental economic problems. Money market analysts cited the debt renegotiation as the main impetus behind increases today in both the commercial and financial rand. The commercial rand, used for current account transactions, rose 0.5 cts to 49 U.S. Cts while the financial rand jumped nearly two cts to 33 U.S. Cts. All equity and fixed investment flows of foreigners take place through the financial rand, which is considered the main barometer of South Africa's attractiveness to overseas investors. Analysts predicted the debt arrangement plus further gains in the gold price could push the commercial rand over 50 U.S. Cts and the financial rand to 35 cents in the next few weeks. They said the financial rand in particular was being driven by a tentative provision in the new debt agreement that could favourably affect the currency. Foreign creditors may get permission to convert loan balances and short-term claims into equity investments in South Africa. Finance Minister Barend du Plessis said the Reserve Bank was "investigating the implications of such conversions in light of terms and restrictions of the financial rand system." Du Plessis in disclosing the new agreement last night said the recent sharp rise in the financial rand was an example that "some foreign investors are again taking a more realistic view of South Africa." Terms of the debt agreement call for South Africa to repay 1.42 billion dlrs of 13 billion dlrs of frozen debt over the next three years. The agreement extends a standstill arrangement, expiring June 30, that has been in place since August, 1985. Bankers said the repayment amounts essentially confirmed their private estimates and could be comfortably met by the monetary authorities. "They (creditors) asked for the maximum amount and we offered the minimum," said one banking source, reacting to reports from London that creditors were hoping for larger repayments. Reserve Bank governor Gerhard de Kock said South Africa should have "no difficulty whatsoever" with the terms. Economists said the debt agreement would have no significant impact on economic problems continuing to face South Africa including high rates of inflation and unemployment, labour unrest and political uncertainty. Johannesburg Stock Exchange president Tony Norton, speaking yesterday before the debt agreement, said the economy was "in bad shape" and there was "an awful lot of talk but little action" to cure serious problems. REUTER 

FABRI-CENTERS <FCA> 4TH QTR ENDS JAN 31 NET

Shr 40 cts vs 41 cts Net 1,979,000 vs 2,101,000 Revs 67.7 mln vs 63.6 mln 12 mths Shr 36 cts vs 20 cts Net 1,798,000 vs 1,034,000 Revs 239.4 mln vs 233.2 mln Reuter 

TSENG LABORATORIES INC <TSNG> 4TH QTR NET

Shr profit one ct vs loss nil Net profit 200,052 vs loss 56,782 Revs 2,394,198 vs 706,393 Avg shrs 17.8 mln vs 19.8 mln Year Shr profit one ct vs profit one ct Net profit 258,125 vs profit 164,553 Revs 4,225,731 vs 3,027,892 Avg shrs 17.9 mln vs 19.5 mln Reuter 

PARK ELECTROCHEMICAL CORP <PKE> SETS PAYOUT

Qtly div three cts vs three cts prior Pay May 20 Record April 20 Reuter 

BRAZIL SEAMEN SAY STRIKE NEAR END

About half of Brazil's 40,000 seamen have returned to work after accords with 22 companies, and the national strike which began on February 27 looks close to ending, a union spokesman said. The spokesman, speaking from strike headquarters in Rio de Janeiro, estimated that 80 ships were strike-bound. The seamen have settled for 120 pct pay increases with the individual companies but are still discussing the issue of overtime payments with the shipowners' association, Syndarma. REUTER 

KEY U.S. HOUSE PANEL FINISHES MAJOR TRADE BILL

The House Ways and Means Committee completed action on legislation to toughen U.S. trade laws, chairman Dan Rostenkowski said. The committee's consideration of one of the most controversial provisions, a plan to force major trade surplus countries to cut their trade imbalance with the United States, was deferred until the full House considers the trade bill, its sponsor Rep. Richard Gephardt said. Gephardt, a Missouri Democrat, told Reuters he was not certain the exact form his trade surplus reduction proposal would take. Last year the House approved his plan to force a 10 pct surplus cutback each year for four years, by countries such as Japan. The Ways and Means Committess' trade bill forces President Reagan to retaliate against unfair trade practices that violate international trade agreements but it allows him to wave retaliatory tariffs or quotas if the action would hurt the U.S. economy. The trade bill gives U.S. Trade Representative Clayton Yeutter more authority in trade negotiations and in decisions to grant domestic industries import relief. It also gives him authority to decide whether foreign trade practices are unfair and violate U.S. trading rights. These powers are currently held by President Reagan. The administration has strongly objected to this transfer of authority from Reagan to Yeutter. The bill also extends U.S. authority to negotiate multilateral trade agreements. The bill will be wrapped into other trade legislation and voted on in the House in April. Reuter 

RUSS TOGS INC <RTS> 4TH QTR JAN 31 NET

Shr 82 cts vs 76 cts Net 4,200,000 vs 3,954,000 Sales 58.7 mln vs 60.6 mln Year Oper shr 2.68 dlrs vs 2.47 dlrs Oper net 13.8 mln vs 13.0 mln Sales 274.3 mln vs 276.8 mln NOTE: Prior year net excludes loss 1,120,000 dlrs from discontinued operations and loss on disposal of 922,000 dlrs. Reuter 

JOHNSTOWN AMERICAN COS <JAC> 2ND QTR FEB 28 NET

Shr six cts vs five cts Shr diluted four cts vs four cts Net 654,000 vs 532,000 Revs 32.5 mln vs 35.2 mln 1st half Shr 11 cts vs nine cts Shr diluted eight cts vs six cts Net 1,181,000 vs 953,000 Revs 62.7 mln vs 74.6 mln Reuter 

EASCO OFFERS INITIAL SALE OF SECURITIES

Easco Hand Tools Inc of Hunt Valley, Md., filed with the Securities and Exchange Commission for the sale of 67,275,000 dlrs in common stock, its first public stock offering. It said proceeds would be used to reduce indebtedness. PaineWebber Inc was named underwriter. Reuter 

KEIHIN ELECTRIC EXPRESS ISSUES 150 MLN DLR BOND

Keihin Electric Express Railway Co Ltd is issuing a 150 mln dlr eurobond with equity warrants due April 22, 1992 with an indicated coupon of 2-3/8 pct and priced at par, lead manager Yamaichi International (Europe) Ltd said. The non-callable bonds are guaranteed by Fuji Bank Ltd. Pricing will take place on April 1 and the exercise period is between May 18, 1987 and April 15, 1992. The indicated premium is 2-1/2 pct. Total fees of 2-1/4 pct comprise 1-1/2 pct for selling and 3/4 pct for management and underwriting. The bonds will be issued in 5,000 dlr denominations and listed in Luxembourg. REUTER 

BRISTOL AND WEST BUILDING SOCIETY ISSUES CDS

The Bristol and West Building Society is issuing a 250 mln dlr multi-currency certificate of deposit facility, said Kleinwort, Benson Ltd, one of the appointed dealers. The other dealers will be Samuel Montagu and Co Ltd and Morgan Guaranty Ltd. The maturities range from 28 to 364 days and denominations will be 500,000 and one mln dlrs. REUTER 

WOOLWICH BUILDING SOCIETY ISSUING 50 MLN STG BOND

The Woolwich and Equitable Building Society is issuing a 50 mln stg eurobond due April 27, 1992 paying 9-1/2 pct and priced at 101-5/8 pct, lead manager Chase Investment Bank Ltd said. The non-callable issue is available in denominations of 5,000 stg and will be listed in London. Fees comprise 1-1/4 pct selling concession with 5/8 pct management and underwriting combined. REUTER 

ITT <ITT> UNIT FILES FOR PREFERRED STOCK SALE

The Hartford Fire Insurance Co, a unit of ITT Corp, filed with the Securities and Exchange Commission for the shelf sale of 210 mln dlrs in class c and d preferred stock. It said proceeds would be used to redeem class a stock. The First Boston Corp and Merrill Lynch Capital Markets were named underwriters. Reuter 

CPC EXPECTS EUROPEAN SALE TO CUT DEBT

CPC International Inc officials said the sale of the company's European corn wet milling business will remove about 700 mln dlrs of debt and liabilities from CPC's balance sheet. They told analysts the deal, expected to close in September, and cash flow from other operations will reduce total debt by about one-third this year. At the end of 1986, CPC's debt totaled about 1.5 billion dlrs. The officials also said the company has no current plans to sell its U.S. or North American corn wet milling businesses. CPC's 1987 capital spending is budgeted at about 250 mln dlrs, down from about 361 mln dlrs last year, the officials told analysts. Reuter 

THERMO PROCESS <TPSI> ACQUISITION TERMINATED

Thermo Process Systems Inc said its proposed acquisition of the Surface Combustion Division of privately-held <Midland-Ross Corp> has been terminated because mutually satisfactory terms could not be established. Reuter 

CHRYSLER FINANCE ISSUING STERLING EUROBOND

Chrysler Financial Corp is issuing a 50 mln stg eurobond due April 30, 1992 paying 9-1/2 pct and priced at 101-1/8 pct, lead manager Union Bank Of Switzerland Securities said. The bond is available in denominations of 1,000 and 10,000 stg and will be listed in Luxembourg. Fees comprise 1-1/4 pct selling concession and 5/8 pct for management and underwriting combined. REUTER 

NORANDA RAISES PRIMARY ALUMINUM PRICES

Noranda Aluminum Inc. said it has increased its primary aluminum prices by two cents a lb, effective with new orders as of March 25 and all shipments beginning May 1. The new price for unalloyed ingot will be 64.5 cents a lb while the new price for extrusion billet will be 72.5 cents a lb. Reuter 

SOVIET PAPER DETAILS GEORGIAN FLOOD DAMAGE

Floods and avalanches killed 110 people and caused around 350 mln roubles worth of damage in the southern Soviet republic of Georgia earlier this year, the government daily Izvestia said. Some 80,000 hectares of agricultural land and gardens had been inundated, damaging tea plantations and orange groves, the newspaper said. It added that spring sowing in southern parts of the country was some two weeks behind schedule because of the late thaw but gave no precise crop estimates. In the most detailed report to date on the heavy snows in January and floods in February, Izvestia said 8,200 people had been evacuated from mountain areas, 4,500 houses had been damaged and hundreds of kilometres of roads and power lines had been destroyed. A separate article in the daily warned that a sudden thaw was expected shortly in the Ukraine and southern parts of Russia, which experienced record snows this winter. Preventive measures have already been taken in some areas including the evacuation of cattle. Reuter 

UTILICORP <UCU> SEES HIGHER 1987 FIRST QUARTER

Utilicorp United Corp said it expects to report 1987 first quarter earnings of about 12 mln dlrs or about 1.12 dlrs a share and revenues of about 190 mln dlrs. In the comparable quarter a year ago, Utilicorp earned 8.5 mln dlrs or 87 cts on revenues of 203 mln dlrs. There are 9.6 mln shares outstanding this year, up from the 8.5 mln shares in 1986, Utilicorp's president Richard Green told financial analysts here. First quarter 1987 results include one month contribution of West Virginia Power, which became a division on March 1, 1987, Green said in remarks prepared for delivery to analysts. Higher earnings for the period reflected reduced operating and maintenenace expenses and about 10 mln dlrs in rate increases in Iowa, Minnesota, Kansas and Colorado, he said. However, Utilicorp's Missouri Public Service division is experiencing the effect of a 5.9 pct rate reduction authorized in September 1986, he noted. Of Utilicorp's total revenues expected for the 1987 first quarter, about 43 mln dlrs will be derived from electric operations and about 147 mln dlrs will come from gas operations, he said. Operating income derived from electric operations in the first three months of 1987 is estimated to be eight mln dlrs, while the contribution from gas operations will be about 10 mln dlrs, Green said. Green told analysts that Utilicorp received regulatory approval from various states and the Federal Energy Regulatory Commission to reincorporate in Delaware, effective April one. Utilicorp signed an agreement with Cominco Ltd of Vancouver to extend the deadline to May 31, 1987, for completion of the company's purchase of West Kootenay Power and Light of British Columbia, due to a longer than expected regulatory approval process, he said. Hearings were completed in February and a decision by the British Columbia Utilities Commission on the 60 mln dlrs purchase by Utilicorp is pending, he said. Reuter 

<XYLOGICS INC> INITIAL OFFERING UNDERWAY

Lead underwriters Salomon Inc <SB> and Cowen anbd Co said an initial public offering of 1,089,300 shares of Xylogics Inc is underway at 16 dlrs per share. The company is selling 750,000 shares and shareholders the rest. The company has granted underwriters an overallotment option to buy up to 150,000 more shares. Reuter 

TSENG <TSNG> SEES SALES INCREASE FIRST QTR 1987

Tseng Laboratories Inc said it expects first quarter 1987 sales to exceed total sales for the entire 1986 year, and said it expects earnings for the quarter to grow at a faster rate than sales. Tseng posted total revenues for 1986 of 4,255,731, and net income of 258,125, or 14 cts per share. Jack Tseng, president of the company, attributed the high expectations to increased orders from major costomers, as well as accelerated business from its growing reseller network. Tseng posted first quarter 1986 sales of 549,950, and net income of 19,163, the company said. Reuter 

MINNTECH <MNTX> GETS MORE CASH FOR DEVELOPMENT

Minntech Corp, a medical device manufacturer, said it has received an additional 175,000 dlrs from C.R. Bard <BCR> to develop and market an advanced membrane oxygenator for use in open heart surgery. Minntech said Bard paid it the money on top of the 825,000 dlrs in non-refundable contract revenues Bard already paid as part of a development agreement. The company said it received the money after it delivered oxygenator units for animal testing to the Utah Biological Testing Laboratories. Minntech also said it will receive additional milestone payments as the project development progresses, adding that Bard has agreed to buy some oxygenators following project completion and Food and Drug Administration approval. Minntech President Louis Cosentino said the animal testing was successful and the company can now file for FDA approval and equip its oxygenator manufacturing facility. Reuter 

STOCKHOLDER SYSTEMS <SSIAA> MAKES ACQUISITION

Stockholder Systems Inc said it has agreed in principle to acquire privately-held Software Concepts Inc, which provides software for check processing, mortgage application processing and safe deposit box accounting, for undisclosed terms. Software Concepts had revenues of about 3,200,000 dlrs for the year ended June 30. Reuter 

CONCEPT INC <CCPT> 2ND QTR FEB 28 NET

Shr 11 cts vs five cts Net 656,000 vs 314,000 Sales 8,868,000 vs 6,499,000 Avg shrs 5,823,000 vs 5,705,000 1st half Shr 22 cts vs 13 cts Net 1,296,000 vs 795,000 Sales 17.3 mln vs 13.5 mln Avg shrs 5,809,000 vs 5,973,000 NOTE: Share adjusted for five-for-four split in February 1987. Reuter 

LIFE OF INDIANA CORP <LIFI> 4TH QTR LOSS

Shr loss two cts vs profit six cts Net loss 103,000 vs profit 319,000 Revs 4,357,000 vs 6,494,000 Avg shrs 5,415,185 vs 5,646,185 Year Shr profit 22 cts vs profit 10 cts Net profit 1,236,000 vs profit 570,000 Revs 22.2 mln vs 24.8 mln Avg shrs 5,638,596 vs 5,646,185 NOTE: 1986 net includes tax credits of 30,400 dlrs in quartger and 58,000 dlrs in year. Reuter 

B.F. SAUL REAL ESTATE INVESTMENT <BFS> PAYOUT

Qtly div five cts vs five cts prior Pay April 30 Record April 10 NOTE: B.F. Saul Real Estate Investment Trust. Reuter 

SOUTH AFRICA PROBLEMS REMAIN DESPITE DEBT PACT

South Africa's new foreign debt agreement sparked a rally in local financial markets, but bankers and economists said the pact removes only one source of anxiety from a still depressed economy. "We have not gone from 'no confidence' to 'full confidence' yet," commented one banker, who saw the agreement as having marginal influence on fundamental economic problems. Money market analysts cited the debt renegotiation as the main impetus behind increases today in both the commercial and financial rand. The commercial rand, used for current account transactions, rose 0.5 cts to 49 U.S. Cts while the financial rand jumped nearly two cts to 33 U.S. Cts. All equity and fixed investment flows of foreigners take place through the financial rand, which is considered the main barometer of South Africa's attractiveness to overseas investors. Analysts predicted the debt arrangement plus further gains in the gold price could push the commercial rand over 50 U.S. Cts and the financial rand to 35 cents in the next few weeks. They said the financial rand in particular was being driven by a tentative provision in the new debt agreement that could favorably affect the currency. Foreign creditors may get permission to convert loan balances and short-term claims into equity investments in South Africa. Finance Minister Barend du Plessis said the Reserve Bank was "investigating the implications of such conversions in light of terms and restrictions of the financial rand system." Du Plessis in disclosing the new agreement last night said the recent sharp rise in the financial rand was an example that "some foreign investors are again taking a more realistic view of South Africa." Terms of the debt agreement call for South Africa to repay 1.42 billion dlrs of 13 billion dlrs of frozen debt over the next three years. The agreement extends a standstill arrangement, expiring June 30, that has been in place since August, 1985. Bankers said the repayment amounts essentially confirmed their private estimates and could be comfortably met by the monetary authorities. "They (creditors) asked for the maximum amount and we offered the minimum," said one banking source, reacting to reports from London that creditors were hoping for larger repayments. Reserve Bank governor Gerhard de Kock said South Africa should have "no difficulty whatsoever" with the terms. Economists said the debt agreement would have no significant impact on economic problems continuing to face South Africa including high rates of inflation and unemployment, labour unrest and political uncertainty. Johannesburg Stock Exchange president Tony Norton, speaking yesterday before the debt agreement, said the economy was "in bad shape" and there was "an awful lot of talk but little action" to cure serious problems. REUTER 

MAYTAG <MYG> SEES CAPITAL SPENDING UP IN 1987

Maytag Co said it expects capital spending in 1987 to increase to about 60 mln dlrs from 49 mln dlrs in 1986. Maytag chairman and chief executive officer Daniel Krumm said the company plans a "significant" investment at its Admiral refrigerator plant in Galesburg, Ill., as well as continued spending for product improvement and increased efficiency at other Maytag facilities. Earlier, the company reported 1986 net income of 111.2 mln dlrs, or 2.57 per share, versus net income of 124.9 mln dlrs, or 2.89 dlrs a share, in 1985. Reuter 

TRAVELERS <TIC> UNIT TO BUY REALTY DIVISIONS

The Travelers Corp's Travelers Mortgage Services said it signed a letter of intent to buy two subsidiaries of the privately-held <Equitable Life Assurance Society of the U.S.> The company said it plans to acquire the Equitable Relocation Management Corp and the Equitable Realty Network Inc. The company said the acquisitions will give it broader distribution of its corporate relocation service and mortgage programs. Reuter 

COMMUNICATIONS AND CABLE INC <CCAB> 1ST QTR NET

Oper shr seven cts vs loss nil Oper net 988,000 vs loss 52,000 Revs 2,267,000 vs 791,000 NOTE: Net excludes gains from discontinued operations of 65,000 dlrs vs 75,000 dlrs. Current year net includes gain 1,025,000 dlrs from sale of cellular telephone investment. Prior year figures restated for discontinued operations. Reuter 

BEN EQUITY HOLDINGS <BH> SUSPENDED ON NYSE

The New York Stock Exchange said trading in the units of BenEquity Holdings, a California Limited Partnership, was suspended before the opening and an application will be made to the Securities and Exchange Commission to delist the issue. The Exchange said it normally considers suspending and removing from its list the securities of a company when fewer than 600,000 units are held by the public. As a result of a tender offer by <Renouf Corp International>, which expired March 24, 1987, fewer than 600,000 units of BenEquity remained publicly held. Reuter 

ESCAGEN CORP <ESN> INITIAL OFFERING STARTS

Escagen Corp said an initial offering of two mln common shares is underway at nine dlrs each through underwriters led by <Prudential-Bache Group Inc>. The company is purchasing the assets and business of International Plant Research Institute and will apply plant biotechnology to developing food products and planting materials. Reuter 

BRISTOL-MYERS <BMY> FILES AIDS VACCINE WITH FDA

Bristol-Myers Co said it has filed an investigational new drug application with the U.S. Food and Drug Administration requesting the agency to allow it to begin testing its AIDS vaccine in humans. The company said it filed the application on behalf of its Oncogen subsidiary, which developed the vaccine. It did not name the drug. Bristol-Myers, the third largest drug company in the U.S., said that "considerable work remains to be done before it is determined whether a new drug application will be develpoed for submission to FDA." An investigational new drug application is the first step in testing an agent. After clinical studies establish the safety and efficacy of an agent, a company then submits a new drug application to the FDA. It may take three to five years before a new drug application is submitted and another two to three years before the FDA approves a drug for marketing. Earlier this month, Bristol-Myers said the vaccine produced antibodies to the AIDS virus in mice and monkeys. The vaccine uses a live smallpox vaccine to carry two protein on the AIDS virus that may, in theory, prod the immune system to produce neutralizaing antibodies against AIDS. The company is the second U.S. organization that has sought premission for human testing of an AIDS vaccine. At team headed by Allan Goldstein of George Washington University in Washington was the first. Repligen Corp <RGEN> has said it plans to seek regulatory permission to test its AIDS vaccine by the beginning of the summer. And Genentech Inc <GENE> has also said it plans to ask the FDA to approve human testing of its AIDS vaccine later this year. Reuter 

DALLAS INVESTOR CUTS STAKE IN MCDERMOTT (MDR)

A group led by Dallas investor Harold Simmons told the Securities and Exchange Commission it had reduced its stake in McDermott International Inc by one pct, to under five pct. The group had said in a March 10 filing, announcing acquisition of 5.4 pct of the firm's stock, that it might consider seeking control of the company. Reuter 

FED ADOPTS REDEPOSIT SERVICE FOR BOUNCED CHECKS

The Federal Reserve Board unanimously approved a proposal to allow Federal Reserve banks to offer a redeposit service for bounced checks. The service would allow a commercial bank that sends checks to a reserve bank for collection to instruct the reserve bank to redeposit a bounced check rather than return it. The reserve banks would be required to charge a fee for the redeposit service that would cover its costs. The plan would leave it to each reserve bank to set a dollar cutoff for eligible returns. The Fed acted after industry studies showed that nearly two-thirds of bounced checks cleared the second time around. The Fed said studies show that fewer than one pct of the more than 40 billion checks written each year in the United States are returned unpaid. Of those returned, about half are written for less than 100 dlrs. The Fed said many commercial banks already routinely redeposit low-dlr-value checks returned to them for insufficient funds. Reuter 

INTN'L PLATINUM, DEGUSSA IN JOINT VENTURE TALKS

International Platinum Corp said it signed a letter of intent to enter into further negotiations on a joint venture exploration agreement with Degussa A.G., of West Germany, regarding several North American platinum properties. Conclusion of the agreement is subject to completion of further detailed examination by Degussa, as well as board and regulatory approvals. Under terms of the letter of intent, Degussa would contribute substantially to a three year exploration budget of 4.5 mln dlrs in return for a 50 pct interest in the venture. Degussa's contribution to the exploration budget will be based on it matching International Platinum's past exploration and acquisition costs, estimated at about two mln dlrs, and then contributing on a pro rata basis, International Platinum said. Degussa's contribution would provide a major portion of International Platinum's exploration budget, especially during the first and second year of the proposed joint venture, the company said. Reuter 

WESTWOOD ONE INC <WONE> 1ST QWTR FEB 28 NET

Shr 12 cts vs eight cts Net 1,440,000 vs 830,000 Revs 15.9 mln vs 11.2 mln Avg shrs 12,342,000 vs 10,826,000 Reuter 

REAGAN OPPOSES NEW TAXES, SEEKS BUDGET

President Reagan opposed new taxes as he urged the Democratic controlled Congress to come up with a budget that meets the Gramm-Rudman deficit target of 108 billion dlrs for fiscal 1988. He told reporters before meeting with House Republicans in Congress that for six years he had proposed a "a sound, solid budget" but alleged that Democrats had only come forth with a so-called continuing resolution, a catch-all spending bill, each year. Asked about taxes, he said "they're not going to get those either." Reagan's appearance with Republicans coincided with a dispute among House Budget Committee Democrats and Republicans. Republicans have boycotted budget drafting sessions. "I'm still trying to get a budget that meets the Gramm-Rudman target," Reagan said. "The Democrats have refused to present a budget of their own." House Budget Committee Chairman William Gray told reporters after Reagan's remarks that "They (Republicans) don't want to participate. The President is up there bashing our brains while Republicans won't give us a markup (drafting meeting). It's an interesting combination." Reuter 

IRAN SAYS HAS BETTER WEAPONS THAN SILKWORM

Iranian Prime Minister Mir-Hossein Mousavi said Iran had "more effective" missiles at its disposal than the shore-to-sea missiles which had provoked U.S. Concern, Tehran Radio reported. A U.S. State Department spokesman said last week Iran had acquired Chinese-made Silkworm missiles which posed a greater threat to shipping in the Gulf than the weapons previously used. Tehran Radio, monitored by the British Broadcasting Corp, quoted Mousavi as saying that Tehran officially announced after its forces overran southern Iraq's Faw peninsula in February last year that it had shore-to-sea missiles. "The fact that the Americans, after so much delay, are now thinking of expressing their concern with panic is because Reagan needs this sensation now," said Mousavi, speaking after a cabinet meeting in Tehran. "We also announce today that these missiles are not the limit of our war capabilities in the Gulf," he added. Mousavi said the security of the Gulf region had nothing to do with the U.S. But Iran would resort to any action to defend the Gulf, "even those actions which are not thought probable by Westerners." Reuter 

EC COMMISSION DETAILS SUGAR TENDER

The European Community Commission confirmed it granted export licences for 59,000 tonnes of current series white sugar at a maximum export rebate of 45.678 European Currency Units (ECUs) per 100 kilos. Out of this, traders in West Germany received 34,750 tonnes, in the U.K. 13,000, in Denmark 7,250 tonnes and in France 4,000 tonnes. REUTER 

INLAND STEEL <IAD> PREFERRED OFFERED

Lead underwriters <Goldman, Sachs and Co> and First Boston Inc <FBC> said an offering of two mln Series C 3.625 dlr cumulative convertible exchangeable preferred shares of Inland Steel Industries Inc is underway at 50 dlrs per share. The preferred shares are convertible at any time into common stock at 1.667 common shares per preferred share and are exchangeable at the company's option on any dividend payment date starting May 1, 1989 for 7.25 pct convertible subordinated debentures due May 1, 2012. The underwriters said the preferred shares are not redeemable before May 1, 1989 and thereafter are redeemable for cash at the company's option at prices declining to par on May 1, 1997. Reuter 

ADVANCED MICRO <AMD> PREFERRED OFFERED

Lead underwriters <Donaldson, Lufkin and Jenrette> and Salomon Inc <SB> said an offering of three mln shares of Advanced Micro Devices Inc depositary convertible exchangeable preferred shares is under way at 50 dlrs per share. Underwriters have been granted an option to buy another 450,000 depositary shares to cover overallotments. Each depositary share bears an annual dividend of three dlrs per share and represents 0.1 30 dlr convertible exchangeable preferred share. The underwriters said the preferred shares are convertible into common stock at 25.16 dlrs per share initially and are exchangeable at the company's option for six pct convertible subordinated debentures due 2012. The preferred shares are not redeemable before March 15, 1990 unless the market price of the common stock equals or exceeds 150 pct of the conversion price for specified periods. Reuter 

TRICENTROL TO CONCENTRATE ON PROVEN RESERVES

Tricentrol Plc <TCT.L> said it will concentrate most of its efforts this year on its proven oil and gas reserves in order to maximise benefits to shareholders in the mid to long-term. It said in a statement "We are confident that substantial development funds will be available to Tricentrol and that we will be able to minimise further disposal of our interests." Tricentrol wrote off 57.5 mln stg on the reorganisation of its North American operations last year, when oil prices plunged. The group incurred a 1986 net loss of 3.7 mln stg against a 25.4 mln profit the previous year. Reuter 

ROLLS-ROYCE SIGNS NEW ENGINE DEAL WITH BOEING

<Rolls-Royce Ltd> said it signed an agreement with the Boeing Company <BA.N> to install its RB 211-524 D4D engine on the B767 family of aircraft. The engine, currently under development, will be ready for service by early 1990, the company said in a statement. Boeing 747s are also powered with the engine, and its use in B767 craft too could bring significant operating benefits, Rolls-Royce said. Reuter 

BROOKLYN UNION GAS CO <BU> SETS PAYOUT

Qtrly div 41.5 cts vs 41.5 cts prior Pay May One Record April 6 Reuter 

UNISYS <UIS> INTRODUCES NEW PRODUCTS

Unisys Corp introduced two new mainframe computers, new workstations, and other products. The company said the V510 and V530 large-scale computers offer up to a four-fold increase in performance over existing V series. Customer deliveries of the new models, aimed at business, government and financial markets, are planned for the fourth quarter of 1987 and the first quarter of 1988. Base price of the V510 system is 950,000 dlrs and the V530 system is based priced at 1,775,000 dlrs, the company said. Speaking at a press conference, Joseph Kroger, Unisys vice chairman, said the new product introductions are the first concrete examples of the increased resources of the merged Burroughs and Sperry. He said the company had exceeded its goal of cutting costs by 150 mln dlrs in the first year after the merger, and reduced debt by nearly two billion dlrs, more than the originally expected 1.5 billion dlrs. In addition to the mainframes, Unisys introduced an addition to its B25 family of desktop computer systems. The new system, the B38, will make greater use of its Intel Corp <INTC> microprocessor using available software. The B38 is available for immediate delivery with a base configuration price of 8,375 dlrs. The company also introduced new software products, interconnect capabilities, and a laser printer. Reuter 

ARGENTINE PORT WORKERS TAKE INDUSTRIAL ACTION

Argentine port workers began an indefinite protest against safety conditions at the port of Buenos Aires, stopping work for one hour per shift, a press spokesman said. He said three port workers had died over the last month in accidents. He said the decision to take action was made after a port worker died yesterday after being electrocuted. Reuter 

NOVAMIN SAYS IT RECEIVED PROPOSED TAKEOVER BID FROM BREAKWATER

NYFE SEAT SELLS FOR 200 DLRS

The New York Stock Exchange said a seat on the New York Futures Exchange sold for 200 dlrs, unchanged from the previous sale on Tuesday. The Exchange said the current bid is 100 dlrs and the offer is 200 dlrs. Reuter 

NEC CORP HAS 150 MLN DLR EURO-CP PROGRAM

NEC Corp is establishing a 150 mln dlr euro-commercial paper program with a sterling option, Morgan Guaranty Ltd said as arranger. Paper will be issued by NEC Industries Netherlands BV under the guarantee of NEC Corp. Dealers will be Morgan Guaranty, Chase Investment Bank Ltd, Shearson Lehman Brothers International and Swiss Bank Corp International Ltd. Issuing and paying agent will be Chase Manhattan Bank NA, London. REUTER 

FRANCE SETS FOUR BILLION FRANC T-BILL TENDER

The Bank of France said it will offer four billion francs worth of negotiable Treasury bills at its next weekly tender on March 30. The total includes 1.5 billion francs worth of 13-week bills and 2.5 billion francs of 24-week bills. At this week's tender on Monday the Bank sold a total of 2.98 billion francs worth of 13-week bills, 3.19 billion francs worth of five-year bills and 2.69 billion francs worth of two-year bills. REUTER 

FED EXPECTED TO ADD RESERVES IN MARKET

The Federal Reserve will probably intervene in the government securities market to add reserves today, economists said. They expected the Fed will supply temporary reserves indirectly via 1.5 to two billion dlrs of customer repurchase agreements. Fed funds hovered at a relatively high 6-1/4 pct this morning after averaging 6.14 pct on Tuesday. Early this afternoon the Fed also is expected to supply reserves permanently, effective Thursday, by offering to buy all maturities of Treasury bills. Reuter 

INDIA REPORTED BUYING TWO WHITE SUGAR CARGOES

India is reported to have bought two white sugar cargoes for April/May shipment at its tender today near 227 dlrs a tonne cost and freight and could be seeking a third cargo, traders said. A British operator is believed to have sold one of the cargoes, while an Austrian concern is thought to have featured in the second cargo sale, they said. Reuter 

NOVAMIN IN PROPOSED BUYOUT BY BREAWATER <BWRLF>

<Novamin Inc> said it received a proposed takeover offer from Breakwater Resources Ltd involving a swap of one Breakwater share for two Novamin common shares. It said the proposal also called for conversion of outstanding Novamin warrants into Breakwater common shares on the same basis, provided the exercise price was paid by the warrant holders. Novamin, a mineral exploration company, said directors would meet next Tuesday to deal with the proposal, which, it said, was subject to approval by Breakwater directors. Reuter 

LILLY INDUSTRIAL COATINGS INC <LICIA> 1ST QTR

Feb 28 end Shr 18 cts vs 13 cts Net 1,541,000 vs 1,122,000 Sales 36.7 mln vs 33.5 mln Avg shrs 8,517,000 vs 8,441,000 NOTE: Share adjusted for five pct stock dividend in August 1986. Reuter 

COMMONWEALTY REALTY <CRTYZ>, BAY <BAY> END TALKS

Commonwealth Realty Trust said preliminary merger talks with Bay Financial Corp have been terminated due to a failure to agree on terms. Reuter 

MET-PRO CORP <MPR> 4TH QTR ENDS JAN 31 NET

Shr 19 cts vs 18 cts Net 362,692 vs 347,868 Revs 6,311,808 vs 5,827,538 12 mths Shr 60 cts vs 80 cts Net 1,152,746 vs 1,534,503 Revs 24.7 mln vs 25.2 mln Reuter 

EDO <EDO> TO BUY BACK ADDITIONAL 500,000 SHARES

EDO Corp said its board approved the repurchase of an additional 500,000 shares of its common on the open market, or through privately negotiated transactions. EDO said the authorization is in addition to the 2,690,000 shares announced previously. Since 1983, Edo said it has purchased over 2.1 mln shares of its common, leaving about 560,000 shares authorized for purchase prior to today's action. Reuter 

VISTA <VISA> FORMS OFFICE OF THE PRESIDENT

Vista Organization Ltd said its board has formed an office of the president. The company said the office includes Mark S. Germain, who is primarily responsible for administration and corporate policy, Herb Jaffe, who heads motion picture operations, and Gabriel Katzka, who is in charge of television operations. Reuter 

CENTRAL MAINE POWER CO <CTP> SETS QUARTERLY

Qtly div 35 cts vs 35 cts prior Pay April 30 Record April 10 Reuter 

SOME FIRMS CURB COMMODITIES BUSINESS WITH DREXEL

<Drexel Burnham Lambert Inc> said some Wall Street firms have limited their commodities trading business with Drexel. Rumors circulated in financial and commodity markets yesterday that units of <Shearson Lehman Brothers Inc>, Salomon Inc <SB> and <Goldman, Sachs and Co> had restricted commodities business with Drexel because of its involvement in the government's insider trading probe. In response to questions, a Drexel spokesman said, "Any questions raised about our credit conditions are ridiculous as those few competitors who have instituted restrictions for whatever their motives well know." Securities industry sources said the three firms were restricting their business with Drexel particularly in oil and precious metals. The firms have restricted business in some areas, but not others, the sources said. All three firms declined to comment, and the Drexel spokesman did not identify the companies by name. Drexel and some officials, including Michael Milken, head of its "junk bond" department, were subpoenaed following the government's settlement of insider trading charges against arbitrager Ivan Boesky. Securities industry sources said the three firms were restricting their business with Drexel particularly in oil and precious metals. The firms have restricted business in some areas, but not others, the sources said. All three firms declined to comment, and the Drexel spokesman did not identify the companies by name. Drexel and some officials, including Michael Milken, head of its "junk bond" department, were subpoenaed following the government's settlement of insider trading charges against arbitrager Ivan Boesky. "Our commodity trading group, <DBL Trading Corp>, is operating normally and very profitably. It has had absolutely no disruption in its trading and operation," a Drexel spokesman said. He added, "the financial picture of the firm as a whole has never been healthier. We have capital of 1.9 billion dlrs, the fourth largest on Wall Street, equity of 1.3 billion dlrs, and excess net capital of one billion dlrs." "People who invent and circulate rumors about any financial institution, including Drexel Burnham, are doing a serious, grave disservice to the investing public and marketplace," the spokesman said. Reuter 

PEP BOYS <PBY> SETS SPLIT, RAISES QUARTERLY

Manny, Moe and Jack Inc said its board declared a three-for-one stock split and raised the quarterly dividend to six cts presplit from 5-1/2 cts. Both are payable July 27 to holders of record July One and the The split is subject to shareholder approval at the May 18 annual meeting of an increase in authorized common shares to 500 mln from 40 mln, the company said. Reuter 

PEP BOYS - MANNY, MOE AND JACK INC <PBY> 4TH QTR

Jan 31 end Shr 45 cts vs 37 cts Net 8,349,000 vs 6,187,000 Sales 126.7 mln vs 103.7 mln Year Shr 1.55 dlrs vs 1.29 dlrs Net 28.1 mln vs 21.1 mln Sales 485.9 mln vs 388.9 mln NOTE: Latest year net includes three cts shr gain from sale of assets. Reuter 

HOVNANIAN ENTERPRISES <HOV> EARNINGS TO RISE

Hovnanian Enterprises Inc said the company's earnings for year would exceed the 1.65 dlrs a share previously announced and could go as high as 1.75 dlrs for fiscal year ended Feb 28, 1987. The company posted net earnings of 11.5 mln dlrs, or 1.72 dlrs per share, on revenues of 199.3 mln dlrs for fiscal year 1986. These figures reflect two three-for-two stock splits in March and August 1986. At the Annual Drexel Burnham Lambert Construction Conference here, Hovnanian executive vice presidnt Ara Hovnanian said the company expects an earnings range of between 2.35 dlrs and 2.55 dlrs per share for fiscal 1988. Total revenues for the year ending Feb 29, 1988, should be between 320 mln and 350 mln, he said. Reuter 

NY TRADERS SAY TURKEY MADE LARGE SUGAR PURCHASE

Turkey bought an estimated 100,000 tonnes of white sugar from three trade houses today for April to June shipment, according to trade sources. They said a large U.K. trade house sold 50,000 tonnes, a U.S. house traded 25,000 tonnes, and a Swiss-based dealer house 25,000 tonnes. Price details were unclear but reports this morning suggested that Turkey was offered sugar at prices ranging down to 212 dlrs a tonne, c and f basis. Reuter 

NORFOLK <NSC> UNIT SELLS EQUIPMENT CERTIFICATES

Southern Railway Co, a unit of Norfolk Southern Corp, is raising 20.6 mln dlrs through an offering of equipment trust certificates due 1988 to 2002, said lead manager Morgan Stanley and Co Inc. Morgan headed a syndicate that won the certificates in competitive bidding. It bid them at 98.252 and set a 7-1/4 pct coupon and various reoffering prices for the maturities. Yields range from 6.20 to 7-3/4 pct. Non-callable for life, the certificates are rated a top-flight AAA by both Moody's and Standard and Poor's. Kidder Peabody is co-managing the issue. Reuter 

ANHEUSER-BUSCH <BUD> OFFICER RESIGNS

Anheuser-Busch Cos Inc said Dennis Long, vice president and group executive of the company, and president of its beer subsidiary, Anheuser-Busch Inc, is resigning from the company. The company said it accepted his resignation at a regular meeting of the board of directors. He will be replaced as president of the unit by August Busch III, chairman and president of the company, and chairman and chief executive officer of the unit, the company said. Long said in a statement referring to his resignation: "I have great respect for Anheuser-Busch and its management team. As president of Anheuser-Busch Inc I assume full responsibility for the actions if its officers and employees and have chosen to resign in the best interest of the company." Published reports have said Long is under investigation by the company concerning charges of improper conduct by certain employees and suppliers. A spokesman for the company would not comment further about Long's resignation. The company's stock was down 1-1/8 to 34-3/4 this morning. Reuter 

JOHNSON SAYS FED'S ACTIONS YESTERDAY MEANT TO STABILIZE DOLLAR AT CURRENT LEVELS

SUNSTAR FOODS INC <SUNF> 2ND QTR FEB 28 NET

Shr 23 cts vs not reported Net 282,000 vs 1,000 Sales 18.6 mln vs 18.7 mln Six mths Shr 48 cts vs 17 cts Net 583,000 vs 213,000 Sales 37.8 mln vs 37.5 mln NOTE: 1987 six months net includes a loss from discontinued operations equal to two cts a share. 1986 net includes losses from discontinued operations of four cts in the quarter and six cts in the six months. Reuter 

PHOENIX RE <PXRE> INITIAL OFFERING UNDER WAY

Phoenix Re Corp said an initial public offering of 2,500,000 common shares is under way at 13 dlrs each through underwriters led by American Express Co's <AXP> Shearson Lehman Brothers Inc subsidiary and Advest Group Inc <ADV>. Phoenix Re was formed by Phoenix Mutual Life Insurance Co. Reuter 

NIPPON SIGNAL TO ISSUE 50 MLN SWISS FRANC NOTES

Nippon Signal Co Ltd is planning to issue 50 mln Swiss franc notes with warrants, lead manager Morgan Stanley and Co Inc said. It said details would be released tomorrow. REUTER 

HADSON <HADS> TO ACQUIRE 85 PCT OF SEAXE <SEAX>

Hadson Corp said it has signed a definitive agreement to acquire 85 pct of the outstanding common stock of Seaxe Energy Corp. The company said it will buy the 85 pct interest in Seaxe from shareholders owning restricted or controlled shares for less than 200,000 Hadson common shares. It said closing is subject to the approval of title assignments by the French government. Seaxe is involved in oil and natural gas exploration and development in the Paris Basin of France. Reuter 

REUTERS TO BUY I P SHARP OF CANADA

Reuters Holdings Plc <RTRS.L> said it had agreed in principle to buy <I P Sharp Associates Ltd> of Toronto for 30.4 mln stg. Sharp is a time-sharing network and database company specialising in finance, economics, energy and aviation. It operates a global packet-switching network and global limits systems for foreign exchange trading. Sharp shareholders will be offered cash, shares or a mixture of the two in settlement. The acquisition, which is subject to Canadian government approval, would be through amalgamation into a specially-created company. Reuters said it had been given options by a number of Sharp shareholders covering 67 pct of the common stock pending completion of a Reuters review of the company. Sharp operates 38 offices in 20 countries. In 1986 it reported revenue of 55 mln Canadian dlrs with a pretax loss of 1.6 mln compared with a 1.9 mln profit in 1985. However, Sharp said that internal accounts showed the company was in profit in the first two months of 1987. End-1986 net assets totalled 11.85 mln dlrs. A Reuters statement said the acquisition would fit perfectly into its package for the banking and securities industries. Reuter 

TCBY ENTERPRISES <TCBY> SPLITS STOCK

TCBY Enterprises Inc said its board has approved a three-for-two split of its common stock with a distribution to be made on April 24 to stockholders of record on April 9. The split will increase the number of outstanding shares to over 26 mln from about 17.3 mln shares now, the company said. TCBY Enetrprises is a franchisor and operator of retail stores specializing in frozen yogurt-related treats. Reuter 

FIRST INTERSTATE <I> SELLS CAPITAL NOTES

First Interstate Bancorp is offering 200 mln dlrs of subordinated capital notes due 1999 with an 8-5/8 pct coupon and par pricing, said lead manager Goldman, Sachs and Co. That is 140 basis points more than the yield of comparable Treasury securities. Non-callable to maturity, the issue is rated A-1 by Moody's Investors Service Inc and A-plus by Standard and Poor's Corp. First Boston, Salomon Brothers and Shearson Lehman co-managed the deal. Reuter 

RAYTHEON CO <RTN> SETS QUARTERLY

Qtly div 45 cts vs 45 cts prior Pay April 30 Record April 10 Reuter 

FIAT MAY ISSUE BOND FOR LIBYAN STAKE, PAPER SAYS

Fiat Spa <FIAT.MI> is considering issuing a eurobond of up to 384 mln dlrs, convertible or with warrants attached for exercise into its shares still with banks after the placement of the Libyan stake last autumn, the financial daily Handelsblatt reported, quoting bourse sources. The newspaper gave no other details. But dealers said shares of Deutsche Bank AG <DBKG.F> had been strong in recent days, partly on hopes that the issue would allow the bank to place its Fiat quota with investors at a reasonable price. Deutsche was lead underwriter for the 2.13 billion dlr Fiat placement, announced on September 23. In Milan, a Fiat spokesman had no comment on the reports. A Deutsche Bank spokesman here said he had no knowledge of a possible equity-linked Fiat bond. But German banking sources said concern the bank had to take a hefty writedown for its unplaced Fiat stock had weighed heavily on its share price. Milan share dealers also said Fiat stock had been under pressure since the placement. Ordinary shares rose 20 lire to 12,880 today, but were well down from 16,600 on September 23. Sources close to Italian state-owned investment bank IMI said earlier this month that a convertible issue was being considered, but gave no details of the amount involved. REUTER 

ITALY'S STET FORMS TELECOMMUNICATIONS FIRM

State holding company <Societa Finanziaria Telefonica Spa> (STET) said it was forming a new telecommunications company, <Teleo Spa> that intends to offer electronic mail systems among its services. Teleo plans initial investments of 18 billion lire and estimates annual sales could reach 90 billion lire within five years, STET officials said at a news conference. STET will have a 10 pct stake in the new firm, with the remaining share capital held by two STET subsidiaries. Reuter 

P.H. GLATFELTER CO <GLP> INCREASES DIVIDEND

P.H. Glatfelter said its board increased its quarterly dividend on its common stock to 14 cts per share, from 12.5 cts per share the prior quarter. It said the dividend is payable May 1, 1987, to shareholders of record April 15, 1987. In addition, the company said it authorized the repurchase of up to an additional one mln shares of its common stock. On March 27, 1985, the board had authorized the repurchase of up to two mln shares, as adjusted for a two-for-one split, effected in April 1986, the company said. The company said 521,508 shares may still be repurchased under the 1985 authorization. It added any shares repurchased would be added to the treasury and will be available for future issuance. The company said it has no present plans to issue any of the shares which may be repurchased. The company said it presently has 24,614,352 common shares outstanding. Reuter 

LIFE OF INDIANA CORP <LIFI> 4TH QTR LOSS

Shr loss 19 cts vs profit 57 cts Net loss 103,005 vs profit 319,344 Year Shr profit 22 cts vs profit 10 cts Net profit 1,236,347 vs profit 570,222 Reuter 

(CORRECTED) - TSENG <TSNG> SEES SALES INCREASE

Tseng Laboratories Inc said it expects first quarter 1987 sales to exceed total sales for the entire 1986 year, and said it expects earnings for the quarter to grow at a faster rate than sales. Tseng posted total revenues for 1986 of 4,255,731, and net income of 258,125, or 1.4 cts per share. Jack Tseng, president of the company, attributed the high expectations to increased orders from major costomers, as well as accelerated business from its growing reseller network. Tseng posted first quarter 1986 sales of 549,950, and net income of 19,163, the company said. (corrects cts per share) Reuter 

BRAZILIAN BANK STRIKE SPREADS, UNION SAYS

A nationwide bank strike launched yesterday by Brazilian bank workers gained more support today with the closure of the <Banco do Estado de Sao Paulo> (Banespa) in Sao Paulo, a union spokesman said. The spokesman said about 530,000 of Brazil's 700,000 bank workers were on strike. He said the chief development since yesterday was the decision by the city's 20,000 Banespa workers to come out on strike. Banespa is the Sao Paulo state bank. State-controlled <Banco do Brasil SA>, with over 3,000 branches throughout the country, closed down yesterday. Bank industry sources say the closure of the Banco do Brasil will soon force the shutdown of the many private banks which are not strike-bound. The bankworkers are seeking an immediate pay rise of 100 pct and monthly salary adjustments. A spokesman for the National Federation of Banks, Adilson Lorente, said that yesterday only 30 pct of private banks' branches were strike-bound. He had no estimate of how many workers were on strike or any information on the percentage of branches open today. REUTER E 

CONSOLIDATED NOREX TO ACQUIRE TRIWEB RESOURCES

<Consolidated Norex Resources Ltd> said it agreed to acquire all issued and outstanding shares of Triweb Resources Ltd, a privately held oil and gas company with land holdings and production base in Alberta and Saskatchewan. The company said specific details relating to purchase price and other terms will be released on closing of the transaction, expected by May 15. Reuter 

THAI SUGAR PRODUCTION CONTINUES HIGH IN FEB

Thai sugar production continued at a high level in February, latest figures received by the International Sugar Organization (ISO) show. The figures show stocks at end-February of 2.49 mln tonnes raw value against 2.33 mln a year earlier. Analysts said this was a new peak for the date. Production in February was 961,000 tonnes against 888,000 in February 1986 and took the Nov/Feb total for the current crop to 2.25 mln tonnes. Production normally tails off sharply after March, but in recent years production from March to the end of the crop has been over 500,000 tonnes, analysts said. Thailand's exports in February were 32,800 tonnes and consumption 57,800. Last month the Thai Agriculture Ministry said 1986/87 production was expected to fall to 2.3 mln tonnes from 2.48 mln in 1985/86. Reuter 

SWEDISH EXPORT CREDIT ISSUES NEW ZEALAND DLR BOND

Swedish Export Credit is issuing 75 mln New Zealand dlr eurobonds due April 28, 1989, paying 19 pct and priced at 101-1/4 pct, lead manager Credit Suisse First Boston said. The bond is available in denominations of 1,000 and 5,000 dlrs and will be listed in Luxembourg. Fees comprise 7/8 pct selling concession and 3/8 pct management and underwriting. REUTER 

APOLLO COMPUTER <APCI> IN JOINT MARKETING PACT

Apollo Computer Inc said it entered into a joint marketing agreement with <Palladian Software Inc> to distribute an artificial intelligence software package. Apollo said it will market the Palladian Management Advisor, formerly known as the Financial Advisor, on Apollo workstations. Apollo said the agreement signals the first time a general business expert system is available for professional workstations. Reuter 

ACCUGRAPH IN ASIA MARKETING PACT WITH TRIO-TECH

<Accugraph Corp> said it named Trio-Tech International Pte Ltd, of Singapore, as exclusive distributor of Accugraph's computer-aided design and manufacturing software for Singapore, the Philippines, Thailand, Malaysia, Indonesia and Brunei. Financial terms were undisclosed. Reuter 

REICHHOLD CHEMICALS INC EXPLORING POSSIBLE SALE OF EUROPEAN SUBSIDIARY

NY TRADERS EXPECT CHINA TO STEP UP SUGAR BUYING

Trade house sources said China is expected to step up its sugar purchases following yesterday's steep drop in world sugar prices. The consensus is that the Chinese will buy between 200,000 and 400,000 tonnes of raw sugar. "China is short of foreign exchange and a drop in prices is usually taken as a buying opportunity by Peking," one trader said. Yesterday, prices on the New York world sugar market plummeted by 0.58 to 0.50 cent on heavy liquidation by speculators, disenchanted over the market's lack of rallying power. Speculation is that China will need the sugar for the May/July period. Reuter 

ROSS STORES INC <ROST> 4TH QTR JAN 31 LOSS

Shr loss 1.30 dlrs vs profit 29 cts Net loss 33.4 mln vs profit 7,386,000 Sales 168.2 mln vs 128.4 mln Year Shr loss 1.61 dlrs vs profit 30 cts Net loss 41.4 mln vs profit 7,055,000 Sales 527.5 mln vs 366.7 mln NOTE: Latest year net both periods includes 39.4 mln dlr provision for closing 25 underperforming stores. Reuter 

ITALIAN TREASURY BILL OFFER HAS MIXED RESPONSE

Market response to the Treasury's 24,500 billion lire offer of short-term treasury bills was mixed, with three-month paper in strong demand but six and 12-month bills undersubscribed, Bank of Italy figures show. Rates were unchanged on those indicated at the time the offer was announced. The market was assigned all of the 3,500 billion lire of three-month bills on offer after requesting a total of 4,695 billion. Effective net annualised compound yield on the bills is 9.87 pct, down from 9.98 pct on the previous issue of three-month paper. Of the 9,500 billion lire of six-month paper offered, operators requested and were assigned 7,098 billion lire at a net annualised compound rate of 9.24 pct, down from 9.30 pct previously. The market requested and was assigned 8,584 billion lire of the 11,500 billion lire of 12-month bills offered at a net annual rate of 9.02 pct, down from 9.05 pct previously. The Bank of Italy took up a total 4,200 billion lire of the remaining six and 12-month paper, leaving 1,118 billion lire unassigned. The bills replace maturing paper worth 23,442 billion lire, of which 20,321 billion lire is in the hands of market operators and the remainder with the Bank of Italy. REUTER